In your daily life, you use tools to do your job. Over time, your tool set has sufficient coverage that it can handle most jobs. However, because of this "good enough" coverage, you may not realize the existence of other tools that may be far superior. I believe "applied math" is one such tool. (Translate to "algorithms".) Its applications are everywhere, including at least 50% of your daily life in my experience. However, you fail to see them because you may not have that tool in your tool belt! This is no different than wearing x-ray glasses - you get to see almost every problem in a different light. Google and others who realize it want to make use of these versatile glasses.

I do not mean to be obtuse but a different perspective may be helpful!

1 - I have. But it is overwhelming more likely that you'll just need to know their characteristics than how to implement them.

2 - And get better caching behavior for free.

When it comes time to do something novel, that understanding will be very useful.

People pooh-pooh Google's hiring interviews, but when was the last time Gmail's search results on your email were as bad as Bing's (I use this example because it's not their general index, I'm asking about your mail.)

There are a lot of good reasons to bone up on CS 101 (and 201, 301, 401, and 501).... I disagree that it's just "studying for the test".

On top of that, in almost all code beyond CRUD, you'd have to write some custom algorithms - there, the knowledge from data structures and algorithms is really helpful.